Published on September 16th, 2015 | by bitcoin0
The Sydney Morning Herald Reports Global Banks Will Welcome CBA In Bitcoin Research
Global banking Bitcoin party; CBA invited
How will decentralised bitcoin technology help nine of the world’s largest banks, including Australia’s CBA, Barclays and JP Morgan, become more efficient?
The banks plan to design “distributed ledger” technology based on the “blockchain” that facilitates bitcoin transactions.
The Commonwealth Bank and Westpac are working with Ripple Labs, which is developing blockchain-like technology to allow banks to send information to each other.
Bitcoin experts said the banks could be interested in the technology to improve settlement processes by dealing directly with each other.
“Ethereum is much more general purpose than bitcoin and could be useful for banks,” said Mr Mountford.